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Leaving a Legacy

Is your family prepared to manage their future assets? What practical steps can you take to help your beneficiaries manage the influx of wealth?

Educating Your Beneficiaries

Adult children who haven't been prepared for their financial future sometimes have difficulty with financial mismanagement during the wealth-transfer process. The good news is that you can take steps now to prevent these future problems.

You can also help younger family members better understand the importance of preserving the family’s wealth by creating documents such as value statements. It can be helpful for senior family members to clarify and write down their financial values and the lessons they wish to impart. Relay those values to younger family members who may feel disconnected from the family history and wealth-building process.

Activating Financial Values Through Involvement

Teach your children by involving them in annual reviews with the family’s financial advisor. Encourage them to research and report on various investment types or appoint them to a philanthropic board. Give them strong knowledge of family investments and ensure they know where to turn for future wealth-management questions or concerns.

Explaining and Organizing Documents

Legal documents, including a will, a health-care directive, power of attorney or trusts, can be overwhelming — particularly during a time of grieving. For a smoother wealth transfer, familiarize younger family members with these documents and their location. They may be responsible for seeing that they are followed and enforced.

What's the Most Important Part of Leaving a Legacy?

Making sure I'm remembered by my family
Making sure I'm remembered in my community
Providing financial resources for those who need them
Ensuring that values or ideas important to me can continue
Safeguarding my family and enabling their financial stability

Let's Talk

We look forward to helping you protect and manage your wealth. Give us a call, or complete the form and we will contact you.